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November 21, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Buffalo, Business Loans > Hsbc Bank Usa Buffalo Business Loans > Amusement And Recreation Services Loan | ||||
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New York SBA Banks
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Buffalo, New York Bank Lends Money to Amusement And Recreation Services Company in Colonie, New YorkThinking about meeting with a Buffalo, New York bank about a small business loan? Here's one New York business loan, issued by a Buffalo bank, that was approved by the SBA. Applying for an SBA loan with Hsbc Bank Usa worked out well for our friends at one local company in Colonie, New York. The business was able to get an SBA loan for $150,000. Nice! SBA Loan Borrower COMPANY TYPE: AMUSEMENT AND RECREATION SERVICES SBA Loan Lender HSBC BANK USA This lender issued this particular SBA bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7999 - Amusement and Recreation Services NAICS Code 611620 - Sports and Recreation Instruction Loan Approval Date 9/16/2003 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links: Raising VC Money for Social Networking Companies Best Banks for Small Business in Buffalo, New York
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